Management of rising costs of economic crime compliance

Transforming challenge into opportunity by shifting from reactive to proactive - Understand - Plan - Prioritise

The challenge for organisations -

i. Adopting a reactive instead of proactive approach to managing economic crime risk resulting in an inability to demonstrate understanding of emerging risks and regulator expectations, failure to prioritise, draft a credible implementation strategy, and plan to evidence effective delivery or tangible progress.

ii. Lack of understanding and validation of regulator’s expectations resulting in loss of credibility and failure to correctly articulate the economic crime risk exposure, implementation of proportionate controls, accountability and continuous improvement.                                                                                                                                                       

iii. Undocumented controls and delayed adoption of innovation, including process automation and AI ultimately leading to control gaps or controls that are not proportionate with the risks, limited understanding of controls design and interaction, inconsistent manual processes, and unsustainable operational costs.

iv. Not addressing the root cause resulting in costly treatment of the recurring symptoms not the problem, ignoring emerging risks and changes in requirements and trends.

Result

• Actionable strategies and plans that drive operational efficiency and reduction of the cost impact of economic crime compliance to the business.

• Delivered measurable efficiency gains by streamlining controls and processes and implementing AI-enabled innovations, resulting in a significant reduction in the operational cost of economic crime compliance.

• Effectively manage the cost of meeting regulatory and investor expectation by addressing the root cause rather than responding to their effects.

GCCcomp driven solution -

i. Shift from tactical solutions to long-term strategic approach – take control of costs by implementing efficiency-driven improvements that address systemic inefficiencies and reduce remediation effort – develop a credible strategy with a clear implementation plan that prioritises actions and ensures consistent delivery.

ii. Validate regulator’s expectations – demonstrate credibility – based on good understanding of the organisation’s actual risk exposure, ensuring the design and implementation of proportionate controls. Develop an effective economic crime framework and a credible implementation plan that supports continuous improvement and clear accountability.

iii. Streamline processes and introduce automation and AI driven controls – eliminate gaps and poorly designed controls that are not proportionate to the actual risk, reduce reliance on manual processes, introduce advanced automation and AI, document controls, and adopt effective policies and procedures framework.

iv. Address root causes – identify the underlying problems rather than the effects, and adopt forward-thinking strategies that include good understanding of emerging risk and changes in trends.

Many organisations underestimate the true cost of economic crime compliance. Hidden costs, such as business disruption, customer loss, and operational inefficiencies, are often overlooked and unquantified.

We will partner with you and work with your business and compliance teams to cut costs, streamline processes, and maintain full compliance—so you can focus on growth and profitability.

If economic crime compliance costs are impacting profitability, talk to us. Together, we’ll identify practical savings and process improvements and automation that deliver measurable results and a more resilient business.